GEPL Capital recommends 'subscribe' to Syngene International IPO

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07th Sept: Two mins Nifty wrap up for the day ::GEPL capital

Swift bounce back suggests further upside ahead

The markets were in a euphoric mood all along the trading session after the ECB announced an unlimited bond-buying program to stimulate the stalled European economy.  Nifty opened positive and maintained its upward momentum throughout the day to end the day with a gain of 103 points at 5342. Amongst the sectoral indices the BSE CG and Realty indices were up the most. All the indices gave a positive close.

The 2% - 3% rally  in European indices yesterday was followed by a near 1% rise in indices as positive mood continued in Europe. However, there was a small blemish to this euphoria which went unnoticed. The ECB also predicted a cut of 0.4% in GDP growth for CY2012 against its previous prediction of a 0.1% cut.

Nifty opened higher with a gap and maintained its momentum to conclude at 5342 with a gain of 103 points. It has swiftly retraced its recent fall and is now trading near the resistance of 5360. In the immediate term the level of 5260 has now turned as a support. Any decline below that would confirm further sell off till atleast 5000.However till the time it trades above 5260 it may test the resistance of 5360 and beyond that retest the high of 5450. Any advance beyond that may take it to the level of 5500 and beyond that 5592 is a possibility. 

 

Debt Market weekly: 27th August 2012:: GEPL

Debt Market weekly :27th August 2012

 

10 Year Government Bond Yield likely to move in the range of 8.12/23 in this week. 

Debt report

 

Gujarat Pipavav Port -- An anchor in a new era :GEPL

Investment Rationale
Rich Background of promoters
GPPL is managed by APM Terminals and is part of APM Moller–Maersk Group. It is the largest
container ship operator and supply vessel operator in the world since 1996 and operates in and
around 130 countries. APM Terminals offers the global shipping community a geographically
balanced, integrated Global Port, Terminal and Inland Services Network which includes current
operations in 56 ports and terminals in 37 countries. With such a rich experience, we believe
that the management team is very well equipped and has an expertise in handling of containers.

Nifty yet to clear the level of 4960 to confirm a change in trend. :GEPL

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Nifty yet to clear the level of 4960 to confirm a change in trend.

Nifty opened positive and tried to inch higher throughout the session but was unable to sustain at higher levels and finally concluded the day off its day's high at 4906 adding 14 points over its previous close. Amongst the sectoral indices the BSE CG and Realty indices were seen outperforming the broader markets whereas BSE IT index lost the most.

We did see attempts to inch higher, however Nifty was unable to clear a key resistance level of 4960 and ended the day with a gain of 14 points at 4906. Going forward the level of 4960 continues to remain as a important resistance for Nifty.

We advice trading on the long side only if there is a confirmation of a break out above 4960 for an upside till 5100 over the course of next few days.

On the downside the level of 4830 to 4800 is a key support range. In an alternate scenario If Nifty does not clear the level of 4960 and breaches 4800 then we may see the prevalent downside continue till 4750 and lower. In the absence of a confirmatory buy signal we recommend a wait and watch approach till Nifty trades below 4960.

 

Nifty unable to cross the resistance of 4970, Continues to remain weak:: GEPL

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Nifty unable to cross the resistance of 4970, Continues to remain weak till such confirmation is established.

Nifty opened positive but was unable to sustain at higher levels and ended the day with a gain of 11 points at 4870. Amongst the sectoral indices the BSE FMCG index ended the day with highest percentage gains whereas BSE CG index lost the most.

Despite a positive opening Nifty was unable to cross the resistance of 4970. The trend continues to appear weak till the time Nifty trades below the level of 4970. With a breach of the support of 4880 Nifty appears set for further decline till the time we do not see an immediate recovery and a move above 4970.

On the downside it may test the level of 4800 and below that 4750 is also a possibility. In the absence of any confirmed signals for buying, we advice refraining from any long positions till Nifty clears the level of 4970. We also recommend a strict stop loss of 4850 for any existing long positions

Jubilant Foodworks Ltd: Q4FY12 Result Update :GEPL

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Summary

We increase our target price on the stock to Rs885 per share in view of the management revising its store additions in FY13E to 90 from the earlier 85. The new store addition guidance should result in a higher than estimated EPS.

However, the valuations appear rich given: 

• The recent run up in the stock over the last six months, 
• Lower SSS growth expectations in the future, 
• Lower average sales per store, and
• Lower scope of margin improvement. 

Consequently we revise our rating to SELL with a target price of Rs885 per share.

click here to view report

  

  

Biocon Limited Q4FY12 consolidated result :: GEPL capital

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Biocon Limited Q4FY12 consolidated result

• Net sales showed a 14% Q-o-Q growth from Rs5,172 mn in Q3FY12 to Rs5,892 mn in Q4FY12. The sales of Q4FY11 included sales of Axicorp as well that Biocon divested, hence Y-o-Y is not comparable. Hence, we present a Q-o-Q comparison.
• 'EBITDA grew 20% Q-o-Q growth from Rs1,287 mn in Q3FY12 to Rs1,546 mn in Q4FY12. EBITDA margin too improved 50 bps from 24.8% in Q3FY12 to 25.3% in Q4FY12.
• Owing to Q-o-Q flattish interest cost and reduction in tax rate from 11.7% to 11%, PAT grew 15% to Rs978 mn in Q4FY12 from Rs848 mn in Q3FY12. PAT margin too showed a slight improvement from 16.4% to 16.6%.
• Overall the results look better than street expectations.

Y/E Mar Rs mn	Mar-11	Jun-11	Sep-11	Dec-11	Mar-12
Net sales	7,016	4,417	5,084	5,172	5,892
Y-o-Y (%)	6.8	10.1	21.0	1.5	(16.0)
Q-o-Q (%)	37.7	(37.0)	15.1	1.7	13.9
Total expenditure	5,581	3,213	3,750	3,898	4,556
Raw Material Cost	3,932	1,891	2,142	2,085	2,396
% of sales	55.9	42.6	41.7	40.2	39.3
Y-o-Y (%)	4.0	8.0	26.6	12.8	(39.0)
Q-o-Q (%)	112.7	(51.9)	13.3	(2.7)	14.9
Staff cost	820	693	778	792	813
% of sales	11.7	15.6	15.2	15.3	13.3
Y-o-Y (%)	28.3	24.9	33.9	27.9	(0.8)
Q-o-Q (%)	32.4	(15.5)	12.4	1.7	2.7
Power Cost	218	231	227	243	0
% of sales	3.1	5.2	4.4	4.7	0.0
Y-o-Y (%)	12.1	17.5	13.9	16.7	(100.0)
Q-o-Q (%)	4.7	6.0	(1.9)	7.3	(100.0)
Other expenses	611	398	603	778	1,346
% of sales	8.7	9.0	11.7	15.0	22.1
Y-o-Y (%)	(6.0)	(2.8)	38.6	(2.2)	120.1
Q-o-Q (%)	(23.1)	(34.9)	51.3	29.1	73.0
EBIDTA	1,451	1,221	1,385	1,287	1,546
EBIDTAM (%)	20.6	27.5	27.0	24.8	25.3
Y-o-Y (bps)	62	(9)	(407)	(729)	470
Y-o-Y (%)	10.1	9.8	5.8	(21.6)	6.6
Other Income	133	105	110	137	13
Depreciation	396	451	429	434	431
Y-o-Y (%)	8.0	24.0	13.3	10.5	8.8
EBIT	1,188	876	1,065	990	1,129
Interest	57	57	20	29	30
Y-o-Y (%)	70.5	(13.9)	(67.4)	(54.2)	(47.0)
PBT	1,131	820	1,045	961	1,099
Provision for Taxation	111	119	188	113	121
Tax rate (%)	9.8	14.6	18.0	11.7	11.0
Profit after tax	1,008	701	857	848	978
NPM (%)	14.4	15.9	16.9	16.4	16.6
Y-o-Y (%)	25.0	(8.7)	(3.9)	(15.8)	(3.0)
Q-o-Q (%)	0.0	(30.5)	22.3	(1.0)	15.3
Share capital	1,000	1,000	1,000	1,000	1,000
EPS (`)	5.04	3.50	4.28	4.24	4.89